Smart Contract Startup Tapped By Google As Blockchain Partner https://www.coindesk.com/smart-contract-startup-tapped-by-google-as-blockchain-partner
Google has tapped a startup token project, Chainlink, as an official Cloud Partner and the relationship suggests a deep and detailed interest in blockchain technology by the Mountain View giant.
The partnership, described in a detail Google Cloud blog post, aims to place BigQuery data on the blockchain using a “Chainlink oracle smart contract.” BigQuery is Google’s data warehousing and business intelligence solution.
Founders Sergey Nazarov and Steve Ellis created SmartContract.com and Chainlink in order to create proper middleware between traditional data sources and blockchain-based systems. They are working with money movers SWIFT as well as database company Oracle.
“We realized that a reliable oracle mechanism is a gating issue for the creation of most of the use cases that people are expecting from our space, and set out to solve this limitation of blockchain infrastructure with security, reliability, and easy consumption of the inputs/outputs needed by smart contracts to reach this new level of usefulness,” said Nazarov. “In this case we are working with Google as someone who we’ve successfully made an on-chain data provider that can now securely interact with smart contracts that want to consume their high quality data and/or various off-chain services. We’re trying to create the next generation of smart contracts that are able to go beyond tokenization, and will find their usefulness based on interactions with market events (DeFi), IoT events (Decentralized Insurance) and various other use cases.”
It’s important to note that this is one of the few blockchain products that Google has singled out in this way making the announcement a feather in Chainlink’s proverbial cap.
“At a high level, Ethereum Dapps (i.e. smart contract applications) request data from Chainlink, which in turn retrieves data from a web service built with Google App Engine and BigQuery,” wrote Allen Day, a Developer Advocate with Google. “One or more Chainlink nodes are listening for these calls, and upon observing, one executes the requested job. External adapters are service-oriented modules that extend the capability of the Chainlink node to authenticated APIs, payment gateways, and external blockchains. In this case, the Chainlink node interacts with a purpose-built App Engine web service.”
All of this means, quite simply, that Google’s products can now interact with decentralized applications in the same way, say, a client app can interact with a standard database server. Chainlink acts as the data middleman.
“Allowing smart contracts to interact with a data source of Google BigQuery’s quality, enables various new and exciting capabilities for Ethereum contracts in general e.g. more private ethereum transactions via submarine sends, as well as various exciting use cases/Dapps like prediction markets that will base their outcomes on BigQuery’s data,” said Nazarov. “We’ve really enjoyed working with the folks at Google on this initial implementation, and we’re looking forward to working with them in many more ways to come.”
Chainlink’s associated token, LINK, shot up on the news, hitting an all-time high of $1.95 before dropping to about $1.72 today.
While Bitcoin Soars, This Cryptocurrency is up 737% Since January
A lesser known crypto is making far more gains than bitcoin since the turn of the year.
The bitcoin price is up 234 percent since January, even despite Wednesday’s drop. But while mainstream media scramble to explain bitcoin’s rise, one cryptocurrency has quietly outperformed every digital asset in the top 25. LINK, the native token of Chainlink, has soared 737 percent year-to-date.
Although LINK’s rise is parabolic, it doesn’t appear to be a crypto pump-and-dump. There are real fundamentals behind the price. In 2019 alone, Chainlink inked deals with Google and Oracle, launched its mainnet on Ethereum, and secured a listing on Coinbase.
What is Chainlink? Up 737% year-to-date
Chainlink has emerged as a key player in the word of smart contracts. While Ethereum popularized the technology, it’s very difficult for smart contracts to interact with other blockchains and real-world systems.
Chainlink fills the gap, making it possible for smart contracts to communicate with existing bank software, data feeds, and APIs. As founder Sergey Nazarov explained to Decrypt:
“Essentially, our goal is make good blockchain middleware. It’s not the sexiest way to put it, but what we’re doing is connecting systems that need to be connected for value to exist.”
Chainlink partnership with Google and Oracle
Google’s cloud team have already tapped Chainlink to improve its blockchain projects. Google’s BigQuery plans to use Chainlink as the middleman between its cloud database and Ethereum. In a Google cloud blog post, they explained:
“Ethereum can interoperate with our enterprise cloud data warehouse (BigQuery) via oracle middleware (Chainlink).”
Chainlink has also partnered with tech-data giant Oracle, which will support more than 50 Chainlink nodes.
The partnerships are huge catalysts for LINK, as the cryptocurrency is used to pay node operators. In other words, the more companies use the Chainlink network, the more valuable LINK becomes.
LINK Coinbase Pro listing
LINK jumped nine percent alone in the last 24 hours after Coinbase Pro announced it would support Chainlink trading.
The San Francisco-based cryptocurrency exchange will initially support two link trading pairs: LINK/USD and LINK/ETH. As per usual, Coinbase will roll out support for Chainlink in iterative stages to gauge interest and liquidity. Trading is available in all supported jurisdictions except New York state.